Territory Stories

Annual report 2003-2004, Department of Corporate and Information Services

Details:

Title

Annual report 2003-2004, Department of Corporate and Information Services

Other title

Department of Corporate and Information Services annual report 2003 - 2004

Creator

Northern Territory. Department of Corporate and Information Services

Collection

E-Publications; E-Books; PublicationNT; Department of Corporate and Information Services annual report; Annual report

Date

2004-10-14

Notes

Made available by the Library & Archives NT via the Publications (Legal Deposit) Act 2004 (NT).

Language

English

Subject

Northern Territory. Department of Corporate and Information Services -- Periodical

Publisher name

Northern Territory Government

Place of publication

Darwin

Series

Department of Corporate and Information Services annual report; Annual report

Volume

2003/2004

File type

application/pdf

ISSN

1835-2332

Use

Attribution International 4.0 (CC BY 4.0)

Copyright owner

Northern Territory Government

License

https://creativecommons.org/licenses/by/4.0

Parent handle

https://hdl.handle.net/10070/231111

Citation address

https://hdl.handle.net/10070/669431

Page content

Government Printing Office Financial Statements 125 (h) Property, plant and equipment (continued) Revaluations Plant and equipment is carried at cost. Depreciation and amortisation Items of property, plant and equipment, including buildings but excluding freehold land, have limited useful lives and are depreciated/amortised using the straight-line method over their estimated useful lives. The estimated useful lives for each class of asset, for the current and previous years, are as follows: 2004 2003 Plant and equipment 2 20 Years 2 20 Years Computer equipment and software 1 5 Years 1 5 Years Assets are depreciated or amortised from the date of acquisition or, in respect of internally constructed assets, from the time an asset is completed and held ready for use. (i) Leased assets Leases under which the entity assumes substantially all the risks and benefits of ownership are classified as finance leases. Other leases are classified as operating leases. Operating leases Payments made under operating leases are expensed on a straight line basis over the term of the lease, except where an alternative basis is more representative of the pattern of benefits to be derived from the lease property. (j) Recoverable amount of non-current assets valued on the cost basis The carrying amounts of non-current assets valued on the cost basis are reviewed to determine whether they are in excess of their recoverable amount at balance date. If the carrying amount of a non-current asset exceeds its recoverable amount, the asset is written down to the lower amount. The write-down is recognised as an expense in the net profit or loss in the reporting period in which it occurs. Where a group of assets working together supports the generation of cash inflows, the recoverable amount is assessed in relation to that group of assets. In assessing recoverable amounts of non-current assets the relevant cash flows are not discounted to their present value, except where specifically stated. (k) Payables Liabilities for trade creditors and other amounts are carried at cost which is the fair value of the consideration to be paid in the future for goods and services received, whether or not billed to the entity. Trade accounts payable are normally settled within 30 days.


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